SOCAR Trading’s Post

Methane gas is responsible for about 30% of the global warming that has occurred since the Industrial Revolution. On current trends, total methane emissions from human activities could increase by up to 13% between 2020 and 2030, but under scenarios that limit warming to 1.5°C, they should decrease by 30-60% in the same interval. The Global Methane Pledge aims to reduce global methane emissions by at least 30% from 2020 to 2030 levels – and has more than 150 signatories. Commitments can be achieved through improved monitoring and reporting of emissions, further technological innovation to generate large-scale solutions. In this regard, the World Bank plans to launch at least 15 national methane reduction programs in the next 18 months. #FironBarNir #attorneys #legal #advisory #environment #compliance

Kicking off the Global Flaring and Methane Reduction (GFMR) Partnership fund It was a great pleasure to host the kick-off of the The World Bank's Global Flaring and Methane Reduction (GFMR) fund at our office in Oslo, earlier this week. Equinor is a founding member of the multi-donor fund, which was launched at #COP28 in Dubai. Thank you to H.E. Abdulla B. , Demetrios Papathanasiou, Maria Varteressian and Bjørn Otto Sverdrup for the constructive discussions on how to fund tangible projects to achieve meaningful reductions in methane emissions in developing countries and boost global efforts to end routine gas flaring. Methane emissions account for almost 30% of global warming. While Equinor’s methane emissions are already below 1/10th of the industry average, we recognize that this is a global problem that needs collective efforts beyond our own operations and countries we operate in. We are proud to support the $250 million GFMR fund alongside governments and industry peers who believe climate change cannot be solved within any one nation’s boundary. More info about methane emissions and their impact: https://lnkd.in/d3jAd9mc Photo: Equinor/Ole Jørgen Bratland

Had I heard about #methane before I joined Equinor? Yes, but I certainly was not aware that it is 83 times as potent as CO2 (over a 20-year period) and responsible for around 30% of the rise in global temperatures since the Industrial revolution. 🌍🥵 This is why the Global Flaring and Methane Reduction (GFMR) initiative by The World Bank is so important. The energy sector has an important role to play. While Equinor is recognized for its leadership in methane performance (1/10th of industry average), we understand the need for actions beyond our operations. Methane “fun fact”: At Equinor we use drones that can “sniff”👃their way to methane, which can potentially leak from gas production. We are also testing drones to get more accurate emission data. Equinor, which is a founding member, hosted the first GFMR SteerCo meeting here in Oslo. 👇

Last December's COP28 UAE produced an agreement to 'transition away' from fossil fuels. Crucial research by our own Steve Pye and James Price Price in The Bartlett Review from The Bartlett, UCL's Faculty of the Built Environment shows that approx. 60% of oil & gas and 90% of coal reserves need to stay in the ground, if we are to limit global warming to 1.5C on average, globally - but how do we do that? As Steve Pye noted: “There are big equity questions. Given the need to phase out fossil fuels, what does that mean for different countries? Our paper said, basically, that lower income countries should be financially supported to help transition away from fossil fuel consumption and production.” Learn more ➡️ https://lnkd.in/e8ugbCgH #UCLenergy

At Baku #ClimateAction Week, the urgent need for oil and gas companies to #CutMethane emissions took centre stage, with growing calls for countries to ensure importers reduce emissions 📉. We can't miss this window of opportunity. If we reduce emissions, especially in the oil and gas sector, we can slow the pace of warming 🌍🌡️. As our Steve Hamburg notes, "this is really a low-hanging fruit. The industry knows how to produce gas with very little methane emissions." Let's ensure #methane remains on the #COP29 agenda, pushing for collective action that holds the industry accountable. 🔗 More from Kristina Jovanovski via Euronews: https://lnkd.in/d4JrsSCH

EIA joined the Global Methane Pledge Ministerial today at the CoP29 climate summit in Azerbaijan as part of our campaign to reduce global methane emissions. Methane is the planet’s second most significant greenhouse gas and is responsible for one-third of human-caused global warming so far. The Global Methane Pledge is an international agreement to reduce global emissions by at least 30 per cent from 2020-30, which is crucial for limiting global warming to 1.5˚C. The Pledge provides a framework through which participating countries can coordinate and step up their national actions to reduce emissions. In today’s meeting, it was announced that Madagascar has joined the Pledge, increasing the total number of signatories to 159 countries. Additionally, Brazil, Chile, Colombia, Guyana, Mexico, Panama and Uruguay announced the launch of a joint programme to reduce methane emissions, including those from the waste sector. EIA Climate Campaigner Jack Corscadden said: "EIA welcomes the growing number of Global Methane Pledge signatory countries and the announcement by certain LATAM countries to address their methane emissions from the waste sector. Despite the level of ambition and actions being implemented, the recent Global Methane Budget highlights that methane emissions continue to grow. A key reason for this is the lack of sustained financial support for developing countries to implement their commitments. EIA is calling for a dedicated methane fund to deliver the goal of the Global Methane Pledge." #climate #climatechange #methane #CoP29

Methane emissions are responsible for around 30% of total warming since the Industrial Revolution. Over a 20-year period, it is 80 times more potent at warming than carbon dioxide. Acting on methane, however, is highly effective - while Carbon dioxide remains in the atmosphere for hundreds to thousands of years. It only takes about a decade for methane to break down. Avoiding overshooting the 1.5C requires methane reductions now. #COP29 #methane #climateaction #overshooting

Urgently reducing methane emissions is imperative to keep global warming within 1.5°C above pre-industrial levels, yet we are not on track to meet the 2030 Global Methane Pledge target. One critical challenge? Accurate emissions data and reporting. In a new blog co-authored with my colleagues Jeffrey Petrusa and Candise Henry from RTI International, we explore the concerning rise in methane emissions, the urgent need to address underreported emissions, and how a data revolution can help establish more ambitious emission reduction targets and drive action to achieve them.  Take a look: https://lnkd.in/gpwxDnXY #Methane #ClimateChangeMitigation #COP29

Controlling methane emissions is a cost-effective way to reduce global warming. In the final stretch towards meeting the 2030 Agenda, it will instill vigor into efforts to deliver the SDGs & offer the best chance of avoiding the worst of climate crisis. Please read full article here in DAWN https://lnkd.in/duGgVD49

It was "Back to Baseline" for Australian Sustainability Reporting Standards at today's AASB meeting. In summary, all topics discussed resulted in agreement to align with the baseline IFRS S2 standard, e.g. aligning the scope of ASRS 2 with IFRS S2 and prioritising the Greenhouse Gas Protocol over NGER. The basis of conclusions will note additional information in some cases to assist Australian entities to understand the board’s decisions and add clarification points (e.g. that an NGER reporter can apply the global warming potential (GWP) values in the IPCC 5th assessment report (AR5), instead of the GWP values in the IPCC 6th assessment report (AR6), as this is already permitted under the baseline). In my view, this is a promising development in terms of where the board is heading.